Big Money Thinks Small:  Biases, Blind Spots, and Smarter Investing, Joel Tillinghast, 2017

Tillinghast, who has managed Fidelity’s Low Priced Stock mutual fund for the last 28 years and has beaten the market in every one of them has written a book for investors conveying his approach to picking stocks.  It’s a hard slog and filled with business and financial jargon and abbreviations which made it fairly hard to read.  On the other hand, he makes his approach clear on several occasions:  1) decide rationally 2) invest in what you know 3) work with honest and trustworthy managers 4) avoid businesses prone to obsolescence and financial ruin and 5) value stocks properly.  Via abundant examples of bad decisions and bad outcomes, he sides with Buffet vs Bogle.  On the other hand, his fund holds over 900 different equities, so it’s hard to imagine how he applies his rules.  Convinced me that I’m a Bogle index guy, not a Buffet or Tillinghast stock picker.